Throwout Rule and Regular Place of Business Requirements Eliminated

P.L.2008, c. 120, signed on December 19, 2008, applicable to privilege periods beginning on or after July 1, 2010, eliminates the throw-out provision of the apportionment formula for corporate business tax. It also removes the “regular place of business” requirement for taxpayers to allocate income. To allocate less than 100% of income to New Jersey, a taxpayer will no longer be required to show a regular place of business exists outside of the State.